President Bola Ahmed Tinubu on Thursday marked his second year in office by defending his sweeping economic reforms, insisting they are beginning to yield results despite triggering the worst cost-of-living crisis Nigeria has seen in decades.
Since taking office in May 2023, Tinubu has launched bold reform policies aimed at stabilising Africa’s largest economy, including the removal of fuel subsidies and the liberalisation of the naira exchange rate. While international financial institutions have praised the steps as necessary, the immediate effects have been severe for many Nigerians.
“Today, I proudly affirm that our economic reforms are working,” Tinubu said in a statement. “Despite the bump in the cost of living, we have made undeniable progress. We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks.”
Fuel prices have risen five-fold, and the naira has sharply depreciated, pushing inflation to 34% by the end of 2024. While the World Bank recently described inflation as “high and sticky,” Tinubu argued that inflationary pressures are beginning to ease.
Still, the reforms have taken a toll on everyday Nigerians. Soaring food prices and reduced purchasing power have deepened poverty levels. The World Bank estimates that nearly half of Nigeria’s population now lives in poverty.
Despite the challenges, Tinubu remains optimistic. “The path of reform is never easy, but it is the only way to secure a better future for our country,” he said.
